Digital KYC

Digital KYC: Efficient & Secure

Blockchain Technology Enables Secure Digital Documents

Learn how our technology can replace the pain and cost of paper-based KYC, while improving information integrity through digital chain of custody control

Digital Chain of Custody Control Explained

How It Works

1

As with certified hardcopy documents or scanned-and-emailed certified copy documents, digitally certified documents begin life when a true copy of an original document is certified by approved person having commonly accepted certification credentials through commercialpassport.com's document certification platform.

2

At the moment the certifier completes the in-application document certification protocol, a unique digital fingerprint of the certified true copy document is taken and written to the blockchain. The certified true copy document is stored in encrypted format.

3

Using commercialpassport.net, desktop software or free services available on the internet, a recipient of a Commercial Passport user's document can also take the document’s digital fingerprint and check it against the blockchain. If the document is genuine, the date of certification will be confirmed by the blockchain. If it has been altered or forged, it will not.

4

commercialpassport.net can also confirm details of the document’s origin and chain of custody, and full particulars of its certification, including by whom it was certified, their credentials, physical location, time and date and the attestations given by the certifier. Metadata of a document’s origin, chain of custody, and particulars of its certification, including certifier details, credentials, physical location, time and date and the attestations given is maintained in perpetuity. Together with the corresponding blockchain record this information creates high integrity digital documents whose security features and rich data set exceeds that of paper copies.

Digital KYC Acquisition Compared

“wet ink” certified paper copy

Scanned and emailed PDF of certified paper copy

Commercial Passport Secure Digital Documents

Document format

Paper only

Electronic (PDF)

Electronic (PDF)

True copy certified by

Notaries, attorneys at law, and other accepted credentials

Notaries, attorneys at law, and other accepted credentials

Notaries, attorneys at law, and other accepted credentials

Chain of custody control

None - counterparty has custody until receipt

None - counterparty has custody until receipt

Full chain of custody control

Certifier’s identity is verified

Dependent on receiver action

Dependent on receiver action

Yes

Certifier’s credentials checked & monitored

Dependent on receiver action

Dependent on receiver action

Yes

Certification process details available to recipient

No

No

Yes

Recipient document acquisition metadata

Typically not generated

Email system dependent

Permanently logged

Certifier must attest to seeing original document

Depends on receiver instructions

Depends on receiver instructions

Yes

Certification process standards

Depends on receiver instructions/local regulation

Depends on receiver instructions/local regulation

Yes, enforced & audited

Point-in-time existence verifiable

Not possible

Not possible

Yes, via open blockchain query

Post-certification tampering or falsification control

No control, moderate risk

No control, high risk

Controlled via open blockchain query, zero risk

Environmental profile

Worst practice, wastes paper, generates C02 emissions for delivery

Poor practice, wastes paper

Paperless, best practice

One click automatic updating

No

No

Yes

Meets regulatory obligations

Yes

Often not

Yes

Cost for sender

Highest

High

Lowest

Cost for receiver

Highest

High

Lowest

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